Property midterm study guide
- When is personal property real property?
What is adverse possession and how is it achieved?
Define: Fee Simple determinable
Fee Simple condition subsequent
Define and give example of estate for years and estate at will.
Define: Joint tenancy with rights of survivorship
Tenants in common
Tenants by the entirety
Define Dower and curtsey
What part of government controls zoning and how is it enforced?
What are Building codes?
What is the EPA and how is it involved in real estate?
What is CERCLA and why is it important?
What is eminent domain?
What is a mechanics lien and how is it established?
What is restrictive covenant?
Define appurtenant easement and easement in gross
What are 3 ways to create easement?
What is a license?
Define general contract and what is an element?
Define Statutes of Fraud
What is specific performance and how is it related to real estate?
What are liquidated damages and how is it related to real estate?
What is earnest money?
What are provisions a seller wants in a listing agreement?
What may a legal description consist of?
What is closing?
Define time is of the essence and warranties.
What is the difference between a warranty and a quitclaim deed?
What are elements of a deed?
Once a deed is executed, what should be done with it?
What is the difference between a promissory note and a mortgage?
Define and tell what the difference is between a mortgage, trust
deed, security deed and land contract.
What is the purpose for the following clauses: due on sale,
acceleration, assignments and assumption?
What happens when a mortgage is paid off?
How is a 2nd mortgage different from a 1st mortgage?
What is foreclosure?
What is the affect of bankruptcy on foreclosure?
What is a 5 year ARM?
What is 30 years fixed?
What is amortization?
What is a marketable title?
Historically, what are the 3 indexes that the register of deeds has?
What is an abstract and how far back should you look?
Define lis pendens?
In class essays: Grosse Ile bridge problem and Troy zoning problem